Distributions – General Principles Clause Samples

Distributions – General Principles. (a) Except as otherwise expressly provided herein, no Partner shall have the right to withdraw capital from the Partnership or to receive any distribution or return of its Subscription. Distributions, if any, as and when declared by the General Partner in its sole discretion, shall be made only to Persons who, according to the books and records of the Partnership, were the holders of record of Units on the date determined by the General Partner as of which the Partners are entitled to any such distributions. Notwithstanding anything to the contrary contained in this Agreement, the Partnership, and the General Partner on behalf of the Partnership, shall not be required to make a distribution to any Partner on account of its interest in the Partnership if such distribution would violate the Act or other applicable law. Unless otherwise determined by the General Partner, all distributions of cash shall be made to the Partners in amounts proportionate to the aggregate NAV of the Units held by the respective Partners on the applicable record date set by the General Partner, except that the amount distributed per Unit of any class may differ from the amount per Unit of another class on account of differences in class-specific expense allocations or for other reasons as determined by the General Partner. (b) Except as otherwise expressly provided herein, distributions and redemptions made pursuant to this Agreement shall be made in cash. All cash contributions and distributions pursuant to this Agreement shall be made in U.S. dollars (net of applicable currency conversion costs). The “functional currency” of the Partnership shall be the U.S. dollar with respect to all allocations and distributions hereunder. (c) If determined by the General Partner in its sole discretion, the payment of any distribution to which the Special Unitholder or any Unitholder that is a Brookfield Investor would otherwise be entitled hereunder may be deferred by the General Partner until after the end of the fiscal period of the Partnership in which the entitlement to the distribution occurs. If so determined by the General Partner, the amount of any such deferred distribution may be loaned by the Partnership to the Special Unitholder or any Unitholder that is a Brookfield Investor on a demand, non-interest bearing basis to be settled by the Partnership as a distribution of the deferred amount at such time after the end of the relevant fiscal period as the General Partner may determine. ...

Distributions – General Principles. (a) Distributions made by the Company shall be made in accordance with this Article V. (b) The Managing Member shall have discretion as to the making and timing of distributions out of Distributable Cash. For purposes of this Section 5.1, "Distributable Cash" shall mean the gross cash proceeds of the Company regardless of source (excluding Capital Contributions by the Members and loans obtained by the Company) less the portion thereof that the Managing Member reasonably determines necessary to cover the Company's anticipated expenses and losses or to facilitate the Company's potential acquisition of additional Balcor Securities or reserves to satisfy any required withholding pursuant to Section 5.1(d). Notwithstanding the first sentence of this Section 5.1(b), the Managing Member will distribute 50% of the Distributable Cash no less frequently than annually in order to assist Members in the payment of taxes on their allocable portions of the Company's taxable income.

Distributions – General Principles. (a) Except as otherwise expressly provided in this Article III or in Article IX, no Partner shall have the right to withdraw capital from the Partnership or to receive any distribution or return of its Subscription. Distributions, if any, as and when declared by the Main Fund General Partner in its sole discretion, shall be made only to Persons who, according to the books and records of the Partnership, were the holders of record of Units on the date determined by the General Partner as of which the Partners are entitled to any such distributions. All distributions that the Partnership receives indirectly from the Main Fund (net of any Fund Expenses obligations as set forth in Section 6.3) will be distributed to the Partners. All distributions of cash shall be made to the Partners in amounts proportionate to the aggregate Net Asset Value of the Units held by the respective Partners on the applicable record date set by the General Partner, except that the amount distributed per Unit of any Class may differ from the amount per Unit of another Class on account of differences in Class-specific expense allocations.

Distributions – General Principles. Except as provided in Section 13.2, Available Cash shall be distributed to the Members monthly in accordance with the provisions of Section 5.2.

Distributions – General Principles